Good morning! Here’s what you need to know.
Brent crude is down. Oil prices dipped in Asian trading to $44.81 on Wednesday as plentiful supplies and slowing economic growth weighed on markets.
Apple is slipping. The company said its quarterly profit slumped 27% from a year ago to $7.8 billion on a sharp drop in iPhone sales.
Switzerland is helping the US. Switzerland said it plans to give information to US tax authorities about accounts at HSBC’s Swiss private bank, as part of a US investigation into tax evasion.
The American housing market is on fire again. New US single-family home sales rose more than expected in June, reaching their highest level in nearly nine years, the latest sign that the housing market was gathering momentum.
London is seeking a way to ease Brexit pains. London Mayor Sadiq Khan, seeking more powers for the British capital to protect the city after Britons voted to leave the European Union, commissioned a study to draw up a list of devolution demands.
China is planning a huge meeting. China’s ruling Communist Party will hold a key meeting in October to discuss internal party discipline, state radio said.
Article 50 could be triggered early next year. Early next year could be the best time for Britain to trigger formal divorce talks with the European Union so a deal can be reached before the next national election in 2020, international trade minister Liam Fox said.
Porsche is looking into electric cars. Porsche has raised the number of jobs it will create for the production of its first all-electric sports car to more than 1,400 from more than 1,000 previously, the manufacturer said.
BP made a loss. BP faced fresh losses in the second quarter on new charges arising from the devastating 2010 Gulf of Mexico oil spill disaster. The company posted a net loss of $1.4 billion (€1.3 billion) for the three months to June.
The biggest beer merger got a bit more expensive. Anheuser-Busch InBev raised its offer for rival SAB Miller on Tuesday to £45 a share after a major slump by the British pound after the Brexit vote threw the blockbuster deal into doubt.